American Century Companies Inc. Lowers Holdings in Fox Corporation $FOXA

Key Points

• American Century Companies Inc. has reduced its stake in Fox Corporation by 26.8%, now owning 163,655 shares valued at approximately $9.26 million.
• In the 1st quarter, several large investors significantly increased their positions in FOX, with Hemington Wealth Management boosting its stake by 217.6%.
• Fox Corporation announced a dividend increase from $0.18 to $0.28, to be paid on September 24th, with a payout ratio of 11.00%.

American Century Companies Inc. trimmed its position in shares of Fox Corporation (NASDAQ:FOXA - Free Report) by 26.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 163,655 shares of the company's stock after selling 60,016 shares during the quarter. American Century Companies Inc.'s holdings in FOX were worth $9,263,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the business. Assetmark Inc. increased its holdings in shares of FOX by 752.1% during the first quarter. Assetmark Inc. now owns 1,951,657 shares of the company's stock valued at $110,464,000 after acquiring an additional 1,722,616 shares in the last quarter. Federated Hermes Inc. increased its holdings in shares of FOX by 164,675.7% during the first quarter. Federated Hermes Inc. now owns 1,255,591 shares of the company's stock valued at $71,066,000 after acquiring an additional 1,254,829 shares in the last quarter. Nuveen LLC bought a new stake in shares of FOX during the first quarter valued at approximately $63,125,000. Allianz Asset Management GmbH increased its holdings in shares of FOX by 85.4% during the first quarter. Allianz Asset Management GmbH now owns 1,641,592 shares of the company's stock valued at $92,914,000 after acquiring an additional 756,116 shares in the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of FOX by 54.9% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,886,623 shares of the company's stock valued at $106,783,000 after acquiring an additional 668,553 shares in the last quarter. 52.52% of the stock is currently owned by institutional investors.

Insider Activity

In other news, CFO Steven Tomsic sold 39,642 shares of the company's stock in a transaction dated Tuesday, June 3rd. The stock was sold at an average price of $55.30, for a total value of $2,192,202.60. Following the completion of the transaction, the chief financial officer directly owned 133,923 shares in the company, valued at approximately $7,405,941.90. This represents a 22.84% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 21.77% of the company's stock.

FOX Stock Performance

FOXA stock traded up $0.24 during midday trading on Monday, hitting $59.70. The company's stock had a trading volume of 2,455,317 shares, compared to its average volume of 3,611,355. The stock's 50-day moving average price is $56.68 and its 200 day moving average price is $54.45. The company has a quick ratio of 2.76, a current ratio of 2.91 and a debt-to-equity ratio of 0.55. Fox Corporation has a 1 year low of $38.72 and a 1 year high of $60.24. The stock has a market cap of $26.60 billion, a price-to-earnings ratio of 12.16, a PEG ratio of 1.43 and a beta of 0.52.

FOX (NASDAQ:FOXA - Get Free Report) last issued its earnings results on Tuesday, August 5th. The company reported $1.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.26. FOX had a return on equity of 18.86% and a net margin of 13.88%.The firm had revenue of $3.29 billion for the quarter, compared to analyst estimates of $3.12 billion. During the same period in the previous year, the company posted $0.90 earnings per share. The business's revenue was up 6.3% on a year-over-year basis. On average, equities analysts forecast that Fox Corporation will post 4.38 EPS for the current year.

FOX Increases Dividend

The company also recently disclosed a dividend, which will be paid on Wednesday, September 24th. Stockholders of record on Wednesday, September 3rd will be issued a $0.28 dividend. This represents a dividend yield of 94.0%. The ex-dividend date is Wednesday, September 3rd. This is an increase from FOX's previous dividend of $0.18. FOX's dividend payout ratio (DPR) is currently 11.00%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Wolfe Research raised FOX from an "underperform" rating to a "peer perform" rating in a research report on Wednesday, July 9th. Cfra Research raised FOX from a "hold" rating to a "moderate buy" rating in a research report on Tuesday, August 5th. Wells Fargo & Company lifted their target price on FOX from $62.00 to $66.00 and gave the company an "overweight" rating in a research report on Thursday, August 14th. UBS Group set a $65.00 target price on FOX and gave the company a "buy" rating in a research report on Wednesday, June 25th. Finally, Morgan Stanley lifted their target price on FOX from $60.00 to $65.00 and gave the company an "equal weight" rating in a research report on Wednesday, August 6th. Nine analysts have rated the stock with a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $56.20.

FOX Profile

Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S.